PRESS DIGEST- New York Times business news - Dec 15

Tue Dec 15, 2015 12:30am EST
 
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Dec 15 (Reuters) - The following are the top stories on The New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

- The Hudson's Bay Company, which owns Saks Fifth Avenue, is in advanced talks to buy the fashion flash-sale website, Gilt Groupe, for about $250 million, a person briefed on the matter said on Monday. That is down significantly from the $1 billion valuation that Gilt fetched more than three years ago.(nyti.ms/1TMlNVK)

- On Monday, Third Avenue Management said that its chief executive, David M. Barse, a bankruptcy lawyer who had been instrumental in establishing the credit fund, would be leaving the firm, bringing an abrupt end to a 24-year career at the firm.(nyti.ms/1Nmj9EA)

- The New York City public advocate has asked federal regulators to investigate whether the gun manufacturer Smith & Wesson Holding Corp had made adequate disclosures in its financial statements about how often its products are involved in crimes. (nyti.ms/1I5WSw2)

- The Federal Aviation Administration on Monday announced new rules that will require nearly all owners of remote-controlled recreational drones to register the machines in a national database, an attempt by the agency to address safety fears. Drone owners will be required to submit their names, home addresses and email addresses to the F.A.A., disclosures meant to encourage users to be more responsible, officials said. (nyti.ms/1QhMhRw)

- Samsung Electronics Co Ltd has filed an appeal to the Supreme Court, arguing that the legal framework for design patents is an issue larger than its dispute with Apple Inc. (nyti.ms/1IRjkZO) (Compiled by Sneha Johny in Bengaluru)